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Madrid, October 11, 2010 -- Moody's Investors Service has today assigned a provisional (P)B2
rating to the EUR500 million of senior secured notes due in 2018 to be
issued by Nara Cable Funding Limited (Nara), a financial vehicle
incorporated in Ireland that will on lend the funds to Cableuropa S.A.U.
(ONO). Concurrently, Moody's (i) affirmed ONO's
B3 corporate family rating (CFR) and all other ratings; and (ii)
changed the outlook on all ratings to positive from stable.

Moody's issues provisional instrument ratings in advance of the
final sale of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction only. Upon a conclusive
review of the final documentation, Moody's will endeavour
to assign a definitive rating to the notes. A definitive rating
may differ from a provisional rating.

RATING RATIONALE

"Moody's decision to change the outlook on the ratings to
positive from stable reflects the progress that the company is making
in reducing its refinancing risk in 2013 by extending its debt maturity
profile," says Iván Palacios, a Moody's
Vice President -- Senior Analyst and lead analyst for ONO.
"However, Moody's also notes that ONO still faces material
refinancing challenges in 2013," adds Mr Palacios.

The proposed bond issuance is the second step of a broader refinancing
plan, which was initiated in May 2010, when ONO reached an
agreement with its lenders under the senior facilities agreement to incorporate
part of the facilities due in 2010-2012 into new forward-start
facilities due in 2013.

Nara will now issue EUR500 million of senior secured notes, the
proceeds of which will be on lent to Cableuropa, S.A.U.
under a new tranche of the EUR3.6 billion senior facilities agreement
and used to prepay and cancel an equivalent amount of senior bank debt.
The new notes will therefore rank pari passu with the existing senior
secured facilities.

The (P)B2 rating of the new notes is one notch higher than the B3 CFR,
reflecting the impact of the presence of junior debt in the company's
capital structure. This primarily comprises ONO Finance II's
EUR270 million senior unsecured bond (due 2014) and ONO Finance's
EUR180 million senior unsecured bond (due 2014).

The new bond issuance will have a neutral impact on ONO's leverage,
as the proceeds from the proposed bond will be used to refinance existing
senior bank facilities. Moody's expects ONO to report leverage
of around 5.3x (as adjusted by Moody's) for financial year
(FY) 2010. This is a moderate level for the rating category,
and a sign that upward pressure could develop on the rating over the short
to medium term.

ONO's rating has been constrained by liquidity and refinancing risk
considerations, and the issuance of the senior secured bond due
in 2018 is positive because it extends the company's debt maturity
profile and reduces its refinancing wall in 2013. Nevertheless,
the 2013 refinancing wall remains large (around EUR2.7 billion,
post transaction) and will require ONO to continue improving its debt
maturity profile.

Upward rating pressure could develop if ONO (i) progresses in extending
its debt maturity profile; and (ii) management continues to execute
the company's revised business plan against the backdrop of the
tough economic environment in Spain. More specifically, Moody's
will continue to monitor the extent to which ONO delivers sustainable
operating performance and free cash flow generation in accordance with
its plan and guidance shared with the market in terms of revenue,
EBITDA and free cash flow.

Downward pressure could be exerted on the rating as a result of (i) a
failure by ONO to deliver operational performance in line with its plan
and guidance, in terms of the company making continued progress
in strengthening its credit and cash flow metrics on a quarterly basis;
or (ii) the re-emergence of liquidity concerns, if ONO fails
to proactively address the refinancing of the 2013 debt maturities.

Moody's most recent rating action on ONO was implemented on 16 April
2010, when the company's outlook was changed to stable from
negative.

The principal methodology used in rating ONO was Moody's "Global
Cable Television Industry Rating Methodology", published in
July 2009 and available at www.moodys.com in the Ratings
Methodologies sub-directory under the Research & Ratings tab.
Other methodologies and factors that may have been considered in the process
of rating this issuer can also be found in the Ratings Methodologies sub-directory
on Moody's website.

Headquartered in Madrid, Cableuropa, S.A.U.
(ONO) is Spain's largest cable operator and leading alternative
provider of telecommunications, broadband and internet and pay-TV
services. It is the only cable operator with national coverage.
In FY 2009, ONO reported revenues of around EUR1.5 billion
and EBITDA of EUR730 million.

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​